As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I find myself increasingly intrigued by the recent bullish sentiments expressed by Michaël van de Poppe and BlackRock regarding Bitcoin’s potential price explosion.
As an analyst, I’ve recently expressed my viewpoint that the current market valuation of Bitcoin is significantly undervalued, and I wouldn’t be taken aback if its price skyrockets to anywhere between $300,000 and $600,000 during this market cycle.
His comment came in response to a quote from the world’s largest asset manager, BlackRock, which said that Bitcoin could be a “hedge against increasing global disorder and declining trust in governments, banks, and fiat currencies.”
Currently, Bitcoin is trading above $59,000 following an approximately 10% increase in value over the past week. This surge comes after a significant drop from more than $64,000 at the end of last month, reaching a low that dipped below the $53,000 threshold.
This explains it all.
The current valuation of #Bitcoin is still super low.
I wouldn’t be surprised with $300,000-600,000 this cycle.
— Michaël van de Poppe (@CryptoMichNL) September 12, 2024
In the second quarter of this year, the world’s biggest asset manager exceeded $10 trillion in managed assets for the first time. This growth was a 13% increase compared to the same period last year, and they also took in a total of $82 billion in new investments.
BlackRock’s influence transcends conventional investment management. In addition, it serves as the biggest public owner of bitcoin due to its iShares Bitcoin Trust ETF (IBIT). This ETF currently controls over $20 billion in bitcoins.
According to an article from CryptoGlobe, over $750 million in Bitcoin was transferred out of centralized exchanges in one day this week, marking the biggest daily net withdrawal of Bitcoin since May.
Previously, situations like these have typically resulted in price hikes. This is because when the supply decreases on trading platforms while demand stays consistent or grows, it can cause prices to escalate.
As a crypto investor, I noticed an interesting pattern: A substantial withdrawal I made towards the end of May coincided with a remarkable surge that pushed Bitcoin’s value from approximately $68,000 to around $72,000 in just a few days. On the flip side, major inflows have historically been followed by price drops, as demonstrated by the crash in late July and early August, based on data provided by IntoTheBlock.
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2024-09-14 07:22